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Minto Metals Announces Copper Production for Third Quarter of 2022

Press Release

WHITEHORSE, YT, Oct. 12, 2022– Minto Metals Corp. (“Minto” or the “Company”) is pleased to announce the Company’s 2022 third quarter (“QTR-3”) production results from the Minto Mine located within the Selkirk First Nation’s Territory in central Yukon, Canada. Payable copper production was 7.9 million pounds in QTR-3 and 22.4 million pounds YTD.

Third Quarter Highlights:
  • Copper sales were 7.9 million pounds in QTR-3 compared to 7.3 million pounds in QTR-3 2021, resulting in a 7% increase
  • Operating Results:
    • Ore tonnes produced for QTR-3 was 222,696 dry metric tonnes (“dmt”), a 9% increase from 203,312 dmt in QTR-3 2021
    • Mill feed for QTR-3 was 269,096 dmt, compared to 198,221 dmt in QTR-3 2021, a 36% increase
    • Overall head grade for QTR-3 has remained relatively the same quarter over quarter

Production Results – Quarter 3

2022 -QTR 3

2021 -QTR 3

% Change

Ore Tonnes Produced

222,696

203,312

9.5 %

Ore Tonnes Milled

269,096

198,221

35.8 %

Head Grade %

1.42 %

1.43 %

-0.7 %

Payable Copper (million pounds)

7.86

7.34

7.1 %

Gold (ounces) (1)

3,074

3,084

-0.3 %

Silver (ounces) (1)

33,399

40,176

-16.9 %

Production Results – YTD 9
Months

2022 -YTD

2021 -YTD

% Change

Ore Tonnes Produced

698,470

603,597

15.7 %

Ore Tonnes Milled

682,504

641,883

6.3 %

Head Grade %

1.56 %

1.33 %

17.3 %

Payable Copper (million pounds)

22.40

17.29

29.6 %

Gold (ounces) (1)

8,972

7,119

26.0 %

Silver (ounces) (1)

103,116

87,347

18.1 %

1.  Under the Wheaton Precious Metals agreement, the Company receives 65% of the adjusted Gold price up to a maximum of US$1,250 for 2 years and then 50% up to a maximum of US$1,000 thereafter. (12 Months remaining on initial term) Silver receipts are at the lesser of the prevailing market price and US $4.35/oz with 1% annual escalator.

“Our third quarter production results highlighted our fourth consecutive quarter of operational improvement as compared to 2021, including a 7% increase in payable copper pounds for QTR-3, and we are confident that we will meet the previously announced guidance of 28–31 million pounds of copper production in 2022,” commented Chris Stewart, President and CEO.

“As we noted in prior press releases, we have had some water challenges this year and we continue to treat and discharge excess water from our mine site. QTR-3 demonstrates that we are now setup properly with our Water Treatment Plant and we can discharge clean water while meeting our copper production targets. A lot of hard work by our team, our consultants and our contractors went into making this happen in such a short period of time and I want to thank everyone for their efforts,” concluded Mr. Stewart.

The Company plans to release its full QTR-3 financial results on November 17, 2022.

About Minto Metals Corp.

Minto operates the producing Minto mine located within the traditional territory of the Selkirk First Nation in the Minto Copper Belt of the Yukon. The Minto mine has been in operation since 2007 with underground mining commencing in 2014. Since 2007, approximately 500Mlbs of copper have been produced from the Minto mine. The current mine operations are based on underground mining, a process plant to produce high-grade copper, gold, and silver concentrate, and all supporting infrastructure associated with a remote location in Yukon. The Minto property is located west of the Yukon River, about 20 km WNW of Minto Landing, the latter on the east side of the river, and approximately 250 road-km north of the City of Whitehorse, the capital city of Yukon.

Contact Information:

Tania Barreto, CPIR
Director, Investor Relations
(416)419 2750

E-mail: [email protected]

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